McDonald’s cheeseburger just got pricier.
The fast-food chain announced on Wednesday that the world-renowned burger was one of its menu items in the United Kingdom that got a price increase.
McDonald’s cheeseburger price
The cost of a McDonald’s cheeseburger in the U.K. has increased from £0.99 ($1.21) to £1.19 ($1.45) marking a 20% price hike. This is the first price increase for the menu item in 14 years. The last time the chain increased the price of its cheeseburger in the country was in the wake of the 2008 global financial crisis.
Sadly, McDonald’s cheeseburger isn’t the only item on the chain’s U.K. food menu that has increased in price. The company has also put up the prices of its McNugget share boxes, breakfast meals, large coffees, and upgrades from medium to large meals by between £0.10 ($0.12) and £0.20 ($0.24).
While some items are unaffected by price hikes, McDonald’s noted that prices continue to vary across franchisee-owned restaurants in the U.K, which can set their own prices based on recommendations from the chain.
Why did McDonald’s raise the price of its cheeseburger?
The chain increased the price of its cheeseburger and other items in the U.K. in response to soaring inflation.
In a statement to customers, McDonald’s U.K. and Ireland CEO, Alistair Macrow, said that rising inflationary pressures had left the firm with no choice but to make some “tough choices” over pricing.
“Today’s pressures mean, like many, we are having to make some tough choices about our prices,” Macrow said. “We’re living through incredibly challenging times. Just like you, our company, our franchisees who own and operate our restaurants, and our suppliers are all feeling the impact of rising inflation.”
Macrow noted that the chain had delayed price hikes for as long as possible, but that it was no longer able to absorb rising costs within the business. “We understand that any price increases are not good news, but we have delayed and minimized these changes for as long as we could,” he explained.
In the U.K., inflation hit a new peak of 9.4% in June ― the highest level in 40 years ― and is even forecast to top 11% in October. The increasing inflation rate in the country is partly due to the war in Ukraine, which has resulted in the price hike of fuel and food.
McDonald’s, which operates over 36,000 restaurants in more than 100 countries around the world, also raised the costs of its menu items in the United States by 6% last year. These price hikes are in line with increases at other fast-food chains, which are also facing higher inflation amid strong post-pandemic demand and supply chain disruption.